Bitcoin Falls Below $80,000: Coinbase Sellers To Blame?
Data shows the Bitcoin Coinbase Premium Gap has plunged into the red zone alongside the latest drop in the BTC spot price below the $80,000 level. Bitcoin Has Retraced Some Of Its Recent Price Recovery Bitcoin saw recovery surges above $82,000 on Sunday and Monday, but these spikes failed to set the tone for the week as BTC has since followed a downward trajectory. This decline observed an acceleration on Wednesday, with the cryptocurrency’s price even briefly sinking below $79,000. Related Reading: Dogecoin TD Sequential Flashes Sell Signal: Price Correction Ahead? Below is a chart that shows the price action that Bitcoin has experienced recently. As is visible in the graph, Bitcoin has made some recovery from its low, as its price is now floating around $79,600, but compared to the Sunday high, it remains down about 3.3%. Now, what was the cause behind the drop? The data of the Coinbase Premium Gap may provide some hints. BTC Coinbase Premium Gap Has Turned Negative Recently As point